Plasma (XPL) sets 3-year token lock, addresses concerns on team background

The Layer1 platform Plasma has been on the investor radar since debuting its native coin, XPL, on September 25.

The launch triggered both speculations and optimism among cryptocurrency enthusiasts.

Some have attacked the project for recycling teams, undisclosed collaborations, and early token dumps, narratives that have likely hindered XPL’s anticipated takeoff.

That’s why Plasma co-founder Paul took it to X to ensure clarity.

He has pushed back against prevailing misinformation while shifting the bias towards the project’s primary objective of creating a stablecoin infrastructure that serves the new global monetary system.

Tokens locked for 3 years with a 1-year cliff

Plasma faced the pressing rumors that most early-stage cryptocurrency projects encounter.

Some market watchers speculated that insiders are using the community as exit liquidity, offloading XPL days after the token’s launch.

Paul set the record straight:

With this lock-up model, neither the team nor early backers can access their XPL assets until Plasma digs deeper into its roadmap.

Such structures remove the fear of sudden dumps that might destabilize markets and dent community confidence.

That’s crucial for an early-stage project, since it confirms the Plasma team is interested in long-term players and not profit-hunting.

“Ex-Blast” labelling is wrong

Another narrative that has gained traction is that most of Plasma’s team members are from Blast or Blur.

Paul confirms that only three of around 50 staff at Plasma previously worked with either of the projects.

He added that they have a diverse team with experience from top institutions like Goldman Sachs, Facebook, Google, Nuvei, Temasek, and Square.

The clarification demonstrates the breadth of technical and financial experience behind the Plasma project.

No links with Wintermute

The co-founder also refuted claims of a concealed collaboration with leading trading firm Wintermute.

He emphasized that Plasma has never sought Wintermute’s services or hired them as market maker, and has no idea about their XPL holdings.

That means there are no shadow plans to influence the altcoin’s liquidity or performance behavior.

XPL price outlook

Plasma’s native token trades at $0.9517 after a minor 0.9% dip over the past 24 hours.

XPL gained nearly 15% the previous week amid TVL surges and meme token activities.

However, rumors and speculations about the project have likely limited the alt’s growth.

Enthusiasts will watch the alt’s performance in the coming session as the team seeks credibility, with a focus on long-term building.

Paul finalized: